When you look around at all the beauty Southern Utah has to offer, it's hard to miss the growth and development happening all around us. As we close another Parade of Homes chapter in our books, we welcome the open door that 2019 has in store for the St. George and surround areas housing market. Real Estate and our tiny corner of the state are both full of ENERGY this time of year, and it seems fresh and promising as we already have seen constant growth leading us steadily through 2018.
Let's reflect on what got us here:
The average Utah Homeowner has gained nearly $20,526 in home equity over the past year. With home price appreciation up to almost 10% and a whopping 44.82% over the last five years.
While new construction might be starting to slow down a little bit, new listings continued to increase, meaning MORE competition if you are the seller, but on the flip slide... also meaning, MOTIVATED sellers, if you are the buyer.
Even though it is a small increase, the number of closed sales is slightly higher than it was in 2017. You might expect because the number of new listings is greater than closed sales, your home would spend more time on the market, but with an average being only 50 days, I'll take those odds any day.
The average sales price took a giant leap forward with an 11.6% increase. New construction can impact that number as building is higher, in more demand, building costs have gone up, and as a result, local builders might be increasing their prices.
As for big changes coming your way in 2019, we might just be in for a little more consistency, a little more stabilization, and a little more normalcy. But who doesn't need a little bit of that every once in a while!? As always, it pays to have someone in your corner who understands the market and can be one step ahead of the current numbers. If you are in the market to buy, let's find those motivated deals... If you are in the market to sell, let's strategize about how we can stand out and get your home sold!
Give Bob Richards and his team a call TODAY! We are constantly trying to stay in the "know" so you can always CONSIDER IT DONE!
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Written By: Nakelle Prisbrey